A successful business needs to have an effective business plan in place. This will lay out what the goals of a company are, how it can reach these goals, as well as when these goals will be realized. There are different sections of a business plan, but a well-written business description tends to be one of the important parts of it.
A business description needs to be concise, free of errors, and have pertinent details about the company. It should be able to entice readers such as lenders and investors, to want to consider the rest of the business plan and find out more concerning your company.
What is a business description worksheet?
This is a worksheet that summarizes what a company does, its purpose, as well as what allows it to be unique. It tends to be an important part of the business plan. It is one of the initial pieces of details that a reader will see therefore it should give a good impression.
Worksheet File: 97 KB
What does a business description worksheet do?
It aims to inform readers how a business benefits customers and what place the business has in the market. Lenders, investors, potential partners, or even employees are the ones who are often the readers of this document. It should be able to provide readers with a clear understanding of the business along with its functions.
How to create a business description worksheet:
To create an effective business description worksheet, you need to add details that allow readers to know what the company does, who is in charge of operations, as well as what will allow the company to be successful. You can keep in mind the below points when making the worksheet:
Name of business:
You should state the official name of the business. This should be as it is registered in your country. You need to add the names of the owner or owners along with other important members of the management team.
Goals of business:
Here you will explain the purpose of the business. State what you want to fulfill with your venture. The details must be realistic for short as well as long-term goals.
Details about target customers:
You need to know who your target consumers are. It is helpful to explain who you aim to sell to. Also, tell why they will purchase your product or service. Let the reader know their needs as well as motivations. If you know these you will be able to predict what their purchase behaviors are. By figuring out the demographics of the target market, like age group, income, as well as interests, you can have a competitive edge and even allure loyal consumers.
Competitive benefits:
Tell what makes your business unique from the competitors. The readers must know why your company can succeed in the market.
Location of business:
State where the company is headquartered as well as the place where you will be pursuing business. Tell when the business was opened or when you hope to open it if this is the case.
Details about the mission statement:
This lets readers know why your company exists. It needs to highlight the motivations for beginning the business. It summarizes the product or service, target customers, and why your business is unique.
Products and services:
You need to highlight the products or services that you are providing consumers. Tell the advantages the products or services give and what allows them to be different from the competition.
Business structure information:
State the type of business you have. It may be a sole proprietorship, partnership, etc.
Importance of a business description worksheet
This worksheet is important as it provides readers with a single place where they can learn about the company. If you have a well-crafted business description worksheet, this can intrigue readers and make them want to read the rest of the business plan. The business description is the initial chance you will have to wow investors or lenders and let them know why your company will be profitable. If it can get their interest, they can end up reading the rest of the business plan and finding out more about what your business has to offer.
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